Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.
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Filipino traders noted which features of a crypto exchange matter to them:
Most Important Features
In a recent community discussion on the BitPinas Facebook page, participants highlighted the features they prioritize in a cryptocurrency exchange. While official approval is important, users emphasized affordability, transparency, ease of access to funds, platform reliability, and trustworthy peer interactions as key elements they look for.
According to a 2022 survey by WR Numero Research, GCash and Binance emerged as the most trusted fintech platforms among Filipinos. Out of 1,200 Filipino adults surveyed, 85% trusted GCash due to its ease of use, security, and transparency. Meanwhile, 74% of cryptocurrency users favored Binance for its user-friendliness, safety, and ease of fund conversion.
Regulatory Compliance
While some users have criticized the SEC’s recent actions against unregistered foreign exchanges, there is a general consensus that proper licensing and transparent operations under local laws help build trust and protect traders from legal and financial risks.
Security & Proof of Reserves
The community has called for exchanges to provide clear, publicly verifiable proof of reserves to ensure that user funds are fully backed. Implementing strong security measures like withdrawal whitelisting and time locks is viewed as essential to safeguarding assets from hacks and fraud.
- Proof of Reserves (PoR) is a transparency method used by crypto exchanges to demonstrate they hold enough assets to cover all customer deposits, ideally at a 1:1 ratio. PoR often involves third-party audits, cryptographic verification (like Merkle trees), and on-chain proof of wallet ownership.
- Withdrawal Whitelisting is a security feature that allows users to pre-approve specific wallet addresses for withdrawals. Once activated, the exchange will only send funds to these whitelisted addresses, blocking transfers to any unapproved wallets.
- Time Locks are a delay mechanism that adds an extra layer of protection to withdrawals. When a withdrawal is requested or a new address is added to the whitelist, there’s a set waiting period (e.g., 24–48 hours) before the transaction is processed. This delay allows the account owner time to detect and stop unauthorized withdrawals in case of a breach.
Low and Transparent Fees
Affordable trading fees are a top priority for users. Comments from traders expressed frustration with local exchanges charging high fees, emphasizing the need for clear, upfront fee structures that don’t eat into profits or surprise users with hidden costs.
Reliable Withdrawals
Quick and hassle-free withdrawal processes are crucial for traders. The comment section revealed complaints about local platforms delaying or complicating withdrawals during key market moments, highlighting the demand for seamless access to funds at any time.
Stable and Responsive Platform
Users desire platforms that remain operational and responsive during high volatility or bull markets. Community feedback criticized exchanges that undergo maintenance or experience outages at critical trading times, which can lead to missed opportunities or losses.
Wide Range of Quality Coins
Access to a broad selection of reputable cryptocurrencies enables traders to diversify and explore investment options. One community member noted that exchanges that list quality tokens while avoiding low-liquidity or suspicious assets are preferred.
